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Related Issuers
ABAG Finance Authority for Nonprofit Corp. CA
ABAG Finance Authority for Nonprofit Corp. CA, Multifamily Housing Revenue Refunding Bonds, 1999-A, (MMission Terracina Apartments), $3.025MM
ABAG Finance Authority for Nonprofit Corp. CA, Multifamily Housing Revenue Refunding Bonds, 1999-A, (Sundale Arms Apartments), $7.275MM
ABAG Finance Authority for Nonprofit Corporations, CA, Multifamily Housing Revenue Bonds (Park Manor Apartments Project), Series 2001A and 2001A-T (Taxable), $6.250MM
Bexar County Housing Finance Corporation, TX
Bexar County Housing Finance Corporation, TX, Multifamily Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - Stablewood Farms Apartments Project), Series 2001A-1 and 2001A-2 (Taxable), $14.695MM
California Statewide Communities Dev. Auth.
California Statewide Communities Development Authority, Multifamily Housing Revenue Bonds (GNMA Collateralized - Lincoln Apartments Project), Series 2001 L, $5,153,900.00
Cameron County Housing Finance Corporation
Cameron County Housing Finance Corporation, TX, Multifamily Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - Rockwell Manor Apartments Project), Series 2007
Chicago (City of) IL
Chicago (City of) IL, Multi-Family Housing Revenue Bonds (Roosevelt Towers-Phase I Project), Series 2004A (FHA Insured/GNMA), $7.230MM
Chicago (City of) IL, Multi-Family Housing Revenue Bonds (Sankofa House Project), Series 2007A (FHA Insured/GNMA), $2,725,000
Dakota County Community Development Agency, MN, Multifamily Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - Rose Apartments Project), Series 2001, $?????
Dakota County Community Development Agy., MN
Dallas Housing Finance Corporation, TX
Dallas Housing Finance Corporation, TX, Multifamily Housing Revenue Bonds (GNMA Collateralized Mortgage Loan-Mountain Creek Apartments Project), Series 2005, $12.8MM
District of Columbia Housing Finance Agency
District of Columbia Housing Finance Agency, Multifamily Housing Revenue Bonds Refunding Bonds (Garfield Hills Apartments Project) Series 2006, $5.500MM
Eagan (City of) MN, Multifamily Housing Revenue Refunding Bonds, 2000A & B(Taxable), (Crossroads of Eagan Project-FHA Insured Mortgage Loan), $1.685MM
East Rochester (Village of) NY, Housing Auth.
East Rochester (Village of) NY, Housing Authority, Revenue Refunding Bonds (GNMA Security - Genesee Valley Presbyterian Nursing Center Project), Series 2001, $7.150MM
Erie County Industrial Dev. Agy, NY
Erie County Industrial Development Agency, NY, Multifamily Housing Revenue Bonds (Affinity Sutton Place L.P. Project), Series 2003, $9.995MM
Fontana Redevelopment Agency, CA, Mortgage Revenue Refunding Bonds (GNMA Collateralized - Village Drive Apartments Project), Series 2002-A and 2002-B (Taxable), $11.630MM
Franklin (County of) OH
Franklin (County of) OH, Mortgage Revenue Refunding Bonds, 1998E,F, (GNMA Collateralized-Gateway Apartment Homes Project), $3.485MM
Franklin (County of) OH, Multifamily Housing Mortgage Revenue Bonds (GNMA Collateralized-Carriage House Apartments Project), Series 2002, $3.825MM
Fredericksburg (City of) VA, Ind. Dev. Auth.
Fredericksburg (City of) VA, Industrial Development Authority, Multifamily Housing Revenue Bonds (GNMA Mortgage-Backed Securities Program - Heritage Park I Apartments Project), Series 2003A, $5.830MM
Golden Valley (City of) MN
Golden Valley (City of) MN, Senior Living Multifamily Housing Revenue Bonds (GNMA Collateraized Mortgage Loan - Calvary Center Apartments Project) Series 2006A
Houston Housing Finance Corporation, TX
Houston Housing Finance Corporation, TX, Multifamily Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - North Forest Trails Apartments Project), Series 2003, $7.813MM
Indianapolis - Marion County, IN
Indianapolis (City of) IN, Multifamily Housing Mortgage Revenue Bonds (GNMA Collateralized - Turtle Creek North Apartments) Series 2004-A, $7.550MM
Jackson (City of) MS, Housing Authority
Jackson (City of) MS, Housing Authority, Multifamily Housing Mortgage Revenue Bonds (Forest Park Apartments), Series 2002-A & 2002-B (Taxable)
Jefferson (County of) CO, Housing Authority
Jefferson (County of) CO, Housing Authority, Multifamily Housing Revenue Bonds, 2000A, (Glendale Apartments Project), $4.33MM
Kansas Development Finance Authority
Kansas Development Finance Authority, Multifamily Housing Revenue Bonds, 1999O, (GNMA Collateralized-Lom Vista Apartments Project), $1.24MM
Lebanon (City of) IN
Lebanon (City of) IN, Multifamily Housing Mortgage Revenue Bonds (GNMA Collateralized - Lebanon Manor Village Apartments Project), Series 2002-A, $1.975MM
Louisiana Public Facilities Authority
Louisiana Public Facilities Authority, Mortgage Revenue Bonds (GNMA Collateralized Mortgage Loan - North Park Apartments Project), Series 2005, $4.150MM
Maricopa County Industrial Dev. Auth., AZ
Maricopa County Industrial Development Authority, AZ, Senior Living Revenue Bonds (GNMA Collateralized Mortgage Loan - Rosa Linda Apartments Project), Series 2007, $2.975MM
Minneapolis (City of) Minnesota, Multifamily Housing Revenue Bonds, (GNMA Collateralized Mortgage Loan-Summer Field Phase II, L.P. Project), Series 2003A
Minneapolis (City of) MN
Minneapolis (City of) MN, Multifamily Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - Bottineau Lofts Project), Series 2002, $2.950MM
Minneapolis (City of) MN, Multifamily Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - Vantage Flats Project), Series 2007A, $2.375MM
Montgomery (County of) OH
Montgomery (County of) OH, Multifamily Housing Revenue Bonds (Bella Vista Homes Project), Series 2003A, $9,710,000
Mount Vernon Ind. Dev. Agcy, NY
Mount Vernon Industrial Development Agency, NY, Multifamily Housing Mortgage Revenue Bonds (GNMA Collateralized - Ebony Gardens Project), Series 2004, $8.800MM
Ohio Capital Corporation for Housing
Ohio Capital Corporation for Housing, Mortgage Revenue Refunding Bonds (GNMA Collateralized - Chadwick Place Apartments & Plaza Apartments Projects), Series 2003-A & 2003-B (Taxable), $3.025MM
Palm Springs (City of) CA
Providence Housing Authority, RI
Providence Housing Authority, RI, Collateralized Mortgage Revenue Bonds (New Canochet Cliff Apartments Project), Series 2007A
Sacramento (County of) CA, Housing Authority
Sacramento (County of) CA, Housing Authority, Multifamily Housing Revenue Refunding Bonds, 1999F, (Clover Ridge, Antelope Ranch and Summerwood Apartments Project), $9.225MM
Saint Paul Housing & Redevelopment Authority, MN, Multifamily Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - Selby Grotto Housing Project), Series 2003, $2.940MM
San Bernardino County Housing Authority, CA
San Bernardino County Housing Authority, CA, Multifamily Mortgage Revenue Bonds (GNMA Collateralized - Pacific Palms Mobilehome Park Project), Series 2001A, $3.920MM
San Bernardino County Housing Authority, CA, Multifamily Mortgage Revenue Bonds (GNMA Collateralized - Santiago Orangewood Estates Mobilehome Park Project), Series 2003-A, $3.600MM
Shelbyville (City of) IN
Shelbyville (City of) IN, Multifamily Housing Mortgage Revenue Bonds, , 2000, (GNMA Collateralized - BlueRidge Terrace Apartments Project), $2.81MM
St. Paul Housing & Redevelopment Auth., MN
St. Paul Housing & Redevelopment Authority, MN, Elderly Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - Riverview Highlands Project), Series 2002-A
St. Paul Housing & Redevelopment Authority, MN, Multifamily Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - Lyons Court Project), Series 2004, $4.665MM
St. Paul Housing & Redevelopment Authority, MN, Multifamily Rental Housing Revenue Bonds (GNMA Collaterized Mortgage Loan - Torre de San Miguel, Westminster Place and Vista Village Project), Series 2006
Successor Agency to the Fontana Red. Agcy, CA
Tucson (City of) AZ, Industrial Devel. Auth.
Tucson (City of) AZ, Industrial Development Authority, Arizona Senior Living Revenue Bonds (GNMA Collateralized Mortgage Loan - Casa De Encanto Apartments Project), Series 2007, $2.360MM
Waynesville (Village of) OH
Waynesville (Village of), OH, Health Care Facilities Revenue Bonds (GNMA Collateralized - Quaker Heights Project), Series 2001A, $8.400M
Rating Action:

MOODY'S CONFIRMS Aaa RATING ON 45 HOUSING FINANCE AGENCY MULTIFAMILY TRANSACTIONS

05 Nov 2009

REMOVAL FROM WATCHLIST AFFECTS APPROXIMATELY $223 MILLION IN OUTSTANDING DEBT

New York, November 05, 2009 -- Moody's has confirmed the Aaa rating on the following 45 housing finance agency multifamily transactions and removed them from Watchlist, following a review of each transaction's ability to maintain cash flow sufficiency assuming a 0% reinvestment rate. This action affects approximately $222,954,000 in outstanding debt. All of these transactions are secured by a mortgage that is guaranteed by credit enhancement from either GNMA, Fannie Mae, Freddie Mac or FHA. None of these issues have a Guaranteed Investment Contract (GICs) that assures a fixed rate of return on invested cash, and therefore all are subject to interest rate risk on retained revenues. As a result, revenue from the monthly mortgage receipts, interest earned on those receipts from money market funds or other short-term investments and monthly mortgage payments need to be sufficient to support debt service on the bonds. Moody's analyzed each transaction's projected mortgage revenue, assuming no reinvestment earnings on the monthly mortgage receipts and determined that there would be sufficient coverage of debt service consistent with a Aaa rating. For further information on Moody's approach to the significance of interest rate risk to ratings on housing transactions, see Moody's Rating Methodology Update, "Change in Interest Rate Assumptions for Housing Transactions Which Rely on Investment Earnings Prompted by Unprecedented Low Interest Rates," dated November, 2009.

1. ABAG Finance Authority for Nonprofit Corporations, Multifamily Housing Revenue Refunding Bonds (Sundale Arms Apartments Project), 1999 Series A: Last rating action was on July 1, 2005

2. ABAG Finance Authority for Nonprofit Corporations, Multifamily Housing Revenue Refunding Bonds (Mission Terracina Apartments Project) Series 1999A: Last rating action was on June 16, 2006

3. ABAG Finance Authority for Nonprofit Corporations, CA, Multifamily Housing Revenue Bonds (Park Manor Apartments Project) Series 2001A and 2001A-T: Last rating action was on January 20, 2006

4. Bexar County Housing Finance Corporation, TX, Multifamily Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - Stablewood Farms Apartments) Series 2001: Last rating action was on February 4, 2004

5. California Statewide Communities Development Authorities, Multifamily Housing Revenue Bonds (GNMA Collateralized - Lincoln Apartments Project) Series 2001: Last rating action was on November 8, 2004

6. Cameron County Housing Finance Corporation, Multifamily Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - Rockwell Manor Apartments Project) Series 2007: Last rating action was on February 5, 2007

7. City of Chicago, IL, Multifamily Housing Revenue Bonds (FHA Insured/GNMA - Sankofa House Project) Series 2007A: Last rating action was on May 2, 2007

8. City of Chicago, IL, Multifamily Housing Revenue Bonds (Roosevelt Towers Phase I Project) Series 2004A: Last rating action was on March 23, 2004

9. Dakota County Community Development Agency, MN, Multifamily Housing Revenue Bonds (GNMA Collateralized - Rose Apartments) Series 2001: Last rating action was on August 8, 2005

10. Dallas Housing Finance Corporation, TX, Multifamily Housing Revenue Bonds (Mountain Creek Apartments) Series 2005: Last rating action was on June 17, 2005

11. District of Columbia Housing Finance Agency, Multifamily Housing Revenue Refunding Bonds (Garfield Hills Apartments) Series 2006: Last rating action was on May 4, 2006

12. City of Eagan, MN, Multi-Family Housing Revenue Refunding Bonds (Crossroads of Eagan Project - FHA Insured), Series 2000A & B: Last rating action was on May 2, 2005

13. Village of East Rochester Housing Authority, NY, Revenue Refunding Bonds (GNMA Security- Genesee Valley Presbyterian Nursing Center Project), Series 2001: Last rating action was on August 22, 2005

14. Erie County Industrial Development Agency, NY, Multifamily Housing Revenue Bonds (Sutton Place Apartments) Series 2003: Last rating action was on June 8, 2006

15. Fontana Redevelopment Agency, Mortgage Revenue Refunding Bonds (GNMA Collateralized - Village Drive Apartments Project) Series 2002A: Last rating action was on July 1, 2005

16. County of Frankilin, OH, Multifamily Housing Mortgage Revenue Bonds GNMA Collateralized Carriage House Apartments Series 2002: Last rating action was on May 4, 2005

17. County of Franklin, OH, Mortgage Revenue Refunding Bonds (GNMA Collateralized Gateway Apt. Homes Project) Series 1998E: Last rating action was on December 31, 2003

18. City of Fredericksburg, VA, Industrial Development Agency, Multifamily Housing Revenue Bonds (GNMA Mortgage-Backed Securities Program - Heritage Park I Apartments Project) Series 2003A: Last rating action was on October 6, 2006

19. City of Golden Valley, MN, Senior Living Multifamily Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - Calvary Center Apts. Proj) Series 2006A: Last rating action was on November 7, 2006

20. The Housing Authority of The City of Jackson, MS, Multifamily Housing Mortgage Revenue Bonds (GNMA Collateralized -- Forest Park Apartments) Series 2002: Last rating action was on July 1, 2005

21. County of Jefferson, CO, Housing Authority Multi-Family Housing Revenue Bonds (Glendale Apts) Series 2000: Last rating action was on September 9, 2004

22. County of Montgomery, OH, Multifamily Housing Revenue Bonds (Bella Vista Homes Project) Series 2003A: Last rating action was on June 16, 2006

23. Houston Housing Finance Corporation, TX, Multifamily Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - North Forest Trails Apartments) Series 2003: Last rating action was on September 22, 2006

24. City of Indianapolis, IN, Multifamily Housing Mortgage Revenue Bonds (GNMA Collateralized - Turtle Creek North Apartments Project) Series 2004A: Last rating action was on November 12, 2004

25. Kansas Development Financing Authority, Multifamily Housing Revenue (GNMA Collateralized - Lom Vista) Series 1999O: Last rating action was on April 6, 2005

26. City of Lebanon, IN, Multifamily Housing Mortgage Revenue Bonds (GNMA Collateralized-Lebanon Manor Village Apartments) Series 2002A: Last rating action was on February 3, 2006

27. Louisiana Public Facilities Authority Mortgage Revenue Bonds (GNMA Collateralized Mortgage Loan - North Park Apartments Project) Series 2005: Last rating action was on April 1, 2008

28. Maricopa County Industrial Development Agency, AZ, Senior Living Revenue Bonds (GNMA Coll. Mortgage Loan-Rosa Linda Apartments Project) Series 2007: Last rating action was on June 29, 2007

29. City of Minneapolis, MN, Multifamily Housing Revenue Bonds (GNMA Collateralized - Bottineau Lofts) Series 2002: Last rating action was on January 6, 2006

30. City of Minneapolis, MN, Multifamily Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - Sumner Field Phase II) Series 2003A: Last rating action was on July 28, 2006

31. City of Minneapolis, MN, Multifamily Housing Revenue Bonds (GNMA Collateralized Mortgage Loan Vantage Flats Project) Series 2007A: Last rating action was on October 24, 2007

32. Mount Vernon Industrial Development Agency, NY, GNMA Collateralized Multi-Family Housing Mortgage Revenue Bonds (Ebony Gardens Project) Series 2004: Last rating action was on January 3, 2006

33. Ohio Capital Corporation for Housing, Mortgage Revenue Refunding Bonds (GNMA Collateralized - Chadwick Place Apartments and Plaza Apartments Projects) Series 2003A & B: Last rating action was on March 3, 2006

34. The City of Palm Springs, Multifamily Mortgage Revenue Bonds (GNMA Collateralized - Sunrise Village Mobile home Park Project) Series 2004A and Taxable Series 2004B: Last rating action was on November 5, 2004

35. Providence Housing Authority, RI, Collateralized Mortgage Revenue Bonds (New Canonchet Cliffs Apartments Project) Series 2007A: Last rating action was on August 14, 2007

36. Housing Authority of the County of Sacramento, Multifamily Housing Revenue Refunding Bonds (Clover Ridge, Antelope Ranch and Summerwood Apartments Projects) Series 1999F: Last rating action was on July 1, 2005

37. San Bernardino County Housing Authority, CA, Multifamily Mortgage Revenue Bonds (GNMA Collateralized - Santiago Orangewood Estate Mobile home Park) Series 2003A: Last rating action was on March 3, 2006

38. San Bernardino County Housing Authority, CA, Multifamily Mortgage Revenue Bonds (GNMA Collateralized - Pacific Palms Mobile home Park Project) Series 2001A: Last rating action was on July 1, 2005

39. Saint Paul Housing & Redevelopment Authority, MN, Multifamily Housing Revenue Bonds (GNMA Collateralized - Selby-Grotto Limited Partnership) Series 2003: Last rating action was on July 28, 2006

40. St. Paul Housing & Redevelopment Authority, MN, Multifamily (GNMA Collateralized - Riverview Highland Project) Series 2002: Last rating action was on September 16, 2005

41. Housing & Redevelopment Authority of the City of St. Paul and Minneapolis, MN, Multifamily Housing Revenue Bonds Series 2006A (GNMA Collateralized Mortgage Loan - Torre de San Miguel Homes, Westminster Place & Vista Village Projects): Last rating action was on December 12, 2006

42. Housing and Redevelopment Authority of the City of St. Paul, MN, Multifamily Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - Lyons Court Project) Series 2004: Last rating action was on April 8, 2004

43. City of Shelbyville, IN, Multifamily Housing Mortgage Revenue (GNMA Collateralized Blueridge Terrace Apartments Project) dated 12/1/00: Last rating action was on July 1, 2005

44. City of Tucson, AZ, Industrial Development Agency, Senior Living Revenue Bonds (GNMA Coll. Mortgage Loan-Casa De Encanto Apartments Project) Series 2007: Last rating action was on June 29, 2007

45. Village of Waynesville, OH, Health Care Facilities Revenue Bonds (GNMA Collateralized - Quaker Heights Project) Series 2001A: Last rating action was on February 28, 2006

The principal methodology used in rating these issues was Moody's Methodology Update: Change in Interest Rate Assumptions for Housing Transactions Which Rely on Investment Earnings Prompted by Unprecedented Low Interest Rates, published in November, 2009 and available on www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Rating Methodologies sub-directory on Moody's website.

New York
Gregory W. Lipitz
Vice President - Senior Analyst
Public Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Florence Zeman
Senior Vice President
Public Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

MOODY'S CONFIRMS Aaa RATING ON 45 HOUSING FINANCE AGENCY MULTIFAMILY TRANSACTIONS
No Related Data.
© 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

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MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY550,000,000.

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